Daft says asking prices around the country fell by an average of 7.7% between September and December, which is the sharpest three-month fall in prices to date.

It says the average asking price is now just over €175,000, 52% below the 2007 peak of €366,000.

New figures published in the Daft.ie report outline the speed at which properties are selling around the country.

In Dublin, about one half of properties sell within six months, while in Connacht and Ulster, it takes a full year for the same proportion to sell.

Across the country as a whole, properties that do not sell within the first few months typically find it difficult to find a buyer in subsequent months and most will still be on the market after a year.